Australian property

Huge sign the property market is heating up again

PHOTO: There’s a new wave of interest in the Australian property market. (Photo by William WEST / AFP via Getty Images)

Australia’s housing market looks set to perk up from the pandemic-induced slump very soon, new data has revealed.

Mortgage approvals actually hit pre-pandemic levels during July, Finder analysis of ABS housing finance data has shown, with owner-occupier purchases reaching 1.2 billion between June and July.

Approved mortgages rose from 25,713 in June to 28,322 in July, one of the biggest monthly increases since the pandemic hit.

“Judging by the surge in activity, plenty of Aussies are fired up about property again,” said Finder insights manager Graham Cooke.

“The housing market is also benefiting from the pent-up demand released with the restarting of auctions and inspections in several places.

“The full economic impact of COVID-19 has yet to be realised, but Aussies are unshakable in their love of housing.”

Australia’s property scene is about to see the release of a lot of pent-up demand, Cooke added.

“There are hundreds of Aussies with a deposit saved, watching properties and the housing market and ready to strike.